As a strategic partner of leading restaurant and entertainment concepts, our team at EMERGING understands the challenges our industry faces. While some brands are hitting it out of the park, others are struggling with today’s uncertainty and its impact on margins, costs, pricing, and consumer activity.
KPMG, a global accounting firm, recently conducted a survey of restaurant-goers in the U.S. The survey revealed that about 7% of restaurant diners are expected to spend about 7% less every month this summer than last year. A majority of respondents, about 85%, said they’re eating out less and at home more in order to save money.
Duleep Rodrigo, KPMG consumer retail leader, said, “People aren’t just pulling back—they’re recalibrating.”
So, what do we do as an industry during these economically challenging times?
One company offers several opportunities to increase revenue and ensure menu prices hit the sweet spot. It’s called F&B Insights. Here, we’ll explore how this data-driven platform supports the restaurant industry.
Identify Pricing Opportunities
Due to rising costs, ongoing inflation, supply chain unpredictability, and consumer jitteriness, setting menu prices is a little bit like rolling the dice. Do we lean toward our fellow restaurateurs who are raising prices or those who are balancing profitability with guest retention and choosing to look at other alternatives, like efficiency and cost controls?
While throwing dice can be fun, there is a better way when it comes to running a business—straightforward data.
AI-driven menu pricing lets you leverage market intelligence. By understanding what surrounding venues charge for specific items, you can ensure your prices align with those in your market. Too high, and you affect demand. Too low, and you’re leaving money on the table.
Monetize Sales Data
You may not even know it, but you have a significant amount of data that your suppliers want. Beverage alcohol brands are looking to understand consumers’ behaviors. Is there a specific time when one brand outsells another? Is there a particular trend? Are they losing traction with a certain demographic?
All this information is critical to their decisions that drive growth. In fact, this data is so crucial that they’re willing to pay for it.
F&B Insights helps restaurants organize their data, enabling suppliers to take advantage of it and make informed choices. Suppliers can determine the most advantageous merchant profile by mapping performance and discovering item rankings.
Understanding food and drink pairings and their share of cocktail sales helps them understand overall performance and opportunities.
F&B Insights handles all the details. They supply comprehensive reports to suppliers using information from your POS system. You receive a monthly check. This is the only platform that supports you in selling your monthly sales data to suppliers looking for brand performance in your venue.
Increasing Revenue by Educating Staff
We all know that a well-informed staff that knows the art of upselling and enhancing the guest experience is invaluable. Suggesting premium options and pairings can increase revenue by 10% – 15% per table. Thoughtful recommendations also lead to higher tips.
Of course, upselling isn’t just about boosting the bill. It’s also about providing your guests with a memorable dining experience—trying new things they may not have even considered without their server taking the time to share their knowledge.
But how do you find the time to educate your servers and bartenders on a brand’s backstory, pairing, and flavor profiles? That’s where F&B Insights comes in.
Your suppliers want your staff to know what makes their brand special and what food pairs well. And they’re willing to train them. By partnering with suppliers, you gain educated staff. This program also incentivizes staff with contests that boost sales and cash rewards.
In today’s environment, restaurants need all the support they can get. Aligning yourself with a company that provides menu pricing insights, targeted promotions, and increased income through data sharing and staff education makes sense.
To learn more about F&B Insights, visit fbinsights.com
